Shares of Gulfport Energy (GPOR) - Get Gulfport Energy Corporation Report are down about 4% on Thursday after the natural-gas company said it has priced a 14.7 million-share common stock offering at $25.25 a share.

"Natural gas is at 1999 levels. It's so low, no one is making money in natural gas," said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, on CNBC's "Mad Dash" segment.

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"There's way too much; there's no place to put it," he said.

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Gulfport Energy's equity offering is an important move in the sector because natural-gas companies have been reluctant to come to market, Cramer said. "It's oil that people want." 

Cramer noted that analysis and consulting company RBN Energy said natural-gas production is still going up in the United States. "I was blown away that natural gas is still on the increase," he said.

"This deal has to get done, as there are other companies waiting in the queue, like Southwestern [Energy] (SWN) - Get Southwestern Energy Company Report . They need to do 100 million shares right now," Cramer said.

"Natural gas is the weak, weak link [of] the whole system," he said. "That's where the equity has to be raised, and these guys were smart to do it."

At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mention